Medical cannabis sales in the United States are expected to reach $3.7 billion-$4.5 billion in 2018, up from an estimated $3.1 billion-$3.7 billion in 2017, and rise as high as $7.3 billion by 2022.
According to Chris Walsh, industry analyst and Editorial Vice President of MJBizDaily, US marijuana sales may reach up to $10 billion this year. By 2022, the numbers could go as high as $22 billion. Speaking at the MJBizConNEXT event in New Orleans, Walsh added that in 2018 total cannabis sales are expected to increase by nearly 50% over the estimated $5.8 billion-$6.6 billion the industry tallied last year.
Basing his projections on the 2018 edition of the Marijuana Business Factbook, Walsh added that in 2018, the recreational sales of cannabis, are predicted to surpass for the first time the sales of medical cannabis.
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Looking at the medical cannabis markets, the Factbook predict that ongoing growth in mature medical cannabis markets such as New Mexico and Arizona as well as expanded patient access in major new medical cannabis markets like Florida, Pennsylvania and Maryland will drive the medical cannabis sales in 2018, to $3.7 billion-$4.5 billion in 2018, up from an estimated $3.1 billion-$3.7 billion in 2017.
Infused Product Manufacturers
Also discussing infused product manufacturers, the factbook mentioned that a growing number of infused product companies are developing into national brands, trying to grow into large, dominant brands that become household names with patients and consumers.
Relative to other plant-touching sectors of the cannabis industry, infused product
manufacturers can easily expand their operations across state lines. Many growth-minded
infused product companies are pursuing aggressive expansion strategies with licensing
agreements and partnerships to bring their brands into new markets.
Annual Marijuana Business Factbook
The 6th edition of the Annual Marijuana Business Factbook covers over 300 pages of all-new and exclusive financial benchmarks, stats and forecasts as well as data on revenue, profitability and costs.
2018 Factbook Table of Contents – Overview
Chapter 1: National Cannabis Industry Facts, Figures & Trends
Chapter 2: State-By-State: Legal Overview, Market Data and Outlook
Chapter 3: Wholesale Cultivators
Chapter 4: Infused Product Manufacturers
Chapter 5: Stand-Alone & Vertically Integrated Medical Marijuana Dispensaries
& Retail Stores
Chapter 6: Testing Labs & Ancillary Firms
Chapter 7: Cannabis Business Funding & Investing